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<br /> <br />Execution of the HAP Contract \[24 CFR 983.204\] <br />The PHA may not enter into a HAP contract until each contract unit has been inspected and the <br />PHA has determined that the unit complies with the Housing Quality Standards (HQS). For <br />existing housing, the HAP contract must be executed promptly after the PHA selects the owner <br />proposal and inspects the housing units. For newly constructed or rehabilitated housing the HAP <br />contract must be executed after the PHA has inspected the completed units and has determined <br />that the units have been completed in accordance with the agreement to enter into HAP, and the <br />owner furnishes all required evidence of completion. <br />SAHA Policy <br /> <br />For existing housing, the HAP contract will be executed within 30 business days of <br />SAHA determining that all units pass HQS. <br />For rehabilitated or newly constructed housing, the HAP contract will be executed within <br />30days of SAHA determining that the units have been completed in accordance with the <br />agreement to enter into HAP, all units meet HQS, and the owner has submitted all <br />required evidence of completion. <br />Term of HAP Contract \[FR Notice 11/24/08\] <br />The PHA may enter into a HAP contract with an owner for an initial term of no less than one <br />year and no more than 15 years. <br />SAHA Policy <br /> <br />The term of all PBV HAP contract will be negotiated with the owner on a case-by-case <br />s <br />basis. <br />At any time before expiration of the HAP contract, the PHA may extend the term of the contract <br />for an additional term of up to 15 years if the PHA determines an extension is appropriate to <br />continue providing affordable housing for low-income families or to expand housing <br />opportunities. Subsequent extensions are subject to the same limitations. All extensions must be <br />on the form and subject to the conditions prescribed by HUD at the time of the extension. <br />SAHA Policy <br /> <br />When determining whether or not to extend an expiring PBV contract, SAHA will <br />consider several factors including, but not limited to: <br />The cost of extending the contract and the amount of available budget authority; <br />The condition of the contract units; <br />The e HAP contract <br />and lease(s); <br />Whether the location of the units continues to support the goals of de- <br />concentrating poverty and expanding housing opportunities; and <br />Whether the funding could be used more appropriately for tenant-based <br />assistance. <br />Termination by PHA \[24 CFR 983.205(c)\] <br />04/01/14 <br />Page 17-17 <br /> <br />